Canadian Banks Navigate Economic Challenges, with Mixed Financial Results

While CIBC and National Bank report growth, City National faces operational hurdles under RBC's ownership.

CIBC's revenue rose by 5% due to growth in its domestic retail business, despite higher provisions for credit losses.
National Bank of Canada's earnings exceeded analysts' expectations, leading to a record high in shareholder returns.
City National Bank faced profitability and operational challenges due to rapid growth under RBC's ownership, leading to a net loss in the first quarter.
Canadian banks are experiencing higher provisions for loan losses amid elevated interest rates, affecting credit quality and increasing missed payments.
RBC is optimistic about City National's return to profitability in 2025, following a year of challenges and a regulatory probe into its risk controls.